Hard money non QM loans offer fast property funding with flexible terms for fix-and-flip and rental projects. Understand costs, risks, and steps.

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Hard Money Non QM: Quick Funding for Property Goals

Hard Money Non QM: Fast Funding for Fix-and-Flip or Rental Plans

**Last updated:** May 2, 2024

 

## What is a Schedule Of Real Estate Owned?

 

A Schedule Of Real Estate Owned (SREO) is a document that real estate investors applying for a loan provide to lenders in order to communicate their current real estate holdings and real estate investing experience. We call this your "Track Record".

 

The SREO is typically a spreadsheet and we have provided you with OfferMarket Capital's Schedule Of Real Estate Owned template below.

 

## What information is included in a Schedule Of Real Estate Owned?

 

- Property Number
- Property Type
- Purchaser/Entity Name
- Street Address
- City State
- ZIP	
- Purchase Price
- Purchase Date	
- Renovation Budget
- Monthly Rent
- Occupancy Status
- Sale Price
- Sale Date
- Days Held

 

The *Sale Price*, *Sale Date* and *Days Held* are for properties that you have sold -- i.e. they were fix and flip or rental properties that you have since sold.

 

## Schedule Of Real Estate Owned Template

 

Here is OfferMarket Capital's [Schedule Of Real Estate Owned (SREO) template](https://docs.google.com/spreadsheets/d/e/2PACX-1vStfF-rbpUk1XQ5QtD0Te1MuUj2lH0kk7w2YbQKwqu0Xv_2wMSbp5S22CPKk_2V4T8ZMnlEwnUabWuZ/pubhtml?gid=1988909553&single=true).

 

## Schedule Of Real Estate Owned Excel Template

 

**To download the Schedule Of Real Estate Owned Excel template:**

 

1. Go to our [Schedule Of Real Estate Owned Template](https://docs.google.com/spreadsheets/d/1h03J85WTXxltIC7fqaLQ19hISiVPnW6LVkCq0aksAO0/edit?usp=sharing)
2. Click 'File' in the top left menu
3. Click 'Download' in the dropdown menu
4. Select 'Microsoft Excel (.xlsx)' from the list of options

 

## Schedule Of Real Estate Owned PDF Template

 

**To download the Schedule Of Real Estate Owned PDF template:**

 

1. Go to our [Schedule Of Real Estate Owned Template](https://docs.google.com/spreadsheets/d/1h03J85WTXxltIC7fqaLQ19hISiVPnW6LVkCq0aksAO0/edit?usp=sharing)
2. Click 'File' in the top left menu
3. Click 'Download' in the dropdown menu
4. Select 'PDF (.pdf)' from the list of options

 

## Related concepts

 

- [Collateral Desktop Analysis](https://www.offermarket.us/real-estate-glossary/collateral-desktop-analysis)
- [ISAOA/ATIMA](https://www.offermarket.us/real-estate-glossary/isaoa-atima)
- [Landlord Insurance](https://www.offermarket.us/real-estate-glossary/landlord-insurance)
- [USPAP](https://www.offermarket.us/real-estate-glossary/uspap)
- [DSCR Loan](https://www.offermarket.us/blog/dscr-loan)

SREO (Schedule Of Real Estate Owned) is a list of properties a borrower owns, submitted during the loan approval process for underwriting review.

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Schedule Of Real Estate Owned (SREO)

Schedule Of Real Estate Owned

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## What are Bad Boy Carve Outs?

 

**Bad Boy Carve Outs** are provisions in [non-recourse](https://www.offermarket.us/real-estate-glossary/non-recourse) [DSCR loans](https://www.offermarket.us/blog/dscr-loan-program) that protect the lender in the event members of the borrowing entity conduct themselves in an illegal or fraudulent manner. Bad boy carveouts allow the lender to hold one or more individuals of the borrowing entity personally liable for repayment of the loan.

 

## Examples that trigger Bad Boy Carveouts

 

Bad Boy Carve Outs can be triggered by several different violations of loan covenants, so it is important to read your loan docs carefully and consult your real estate attorney.

 

Examples include:

 

- taking on subordinate (i.e. 2nd position) financing without express written consent from the 1st position lender
- forged or fraudulent tax returns, bank statements, financial statements, operating documents (i.e. rent roll)
- illegal business conduct at the subject property 

 

## Non-Recourse DSCR Loans

 

Non-Recourse [DSCR Loans](https://www.offermarket.us/dscr-loan) are cash-flow based loans where personal guarantee is not required.

 

## Bad Boy Guaranty

 

Bad Boy Guaranties or Bad Boy Guarantees are the same concept as Bad Boy Carveouts.

 

## Are Bad Boy Carevouts Required?

 

Removing bad boy carveouts from your loan is unlikely and may depend on several factors:

 

- **securitization program guidelines and requirements**: if the lender will be selling the loan to an investor that will be securitizing the loan as part of a mortgage-backed security, then it is unlikely you would be able to remove the bad boy carve out.
- **quality of collateral**: if the collateral (subject property) is of high quality, the lender may be willing to accept the removal of a bad boy carveout, knowing that they will have an easier time recouping their loan through [foreclosure](https://www.offermarket.us/real-estate-glossary/foreclosure) or [pledge of shares](https://www.offermarket.us/real-estate-glossary/pledge-of-shares). 
- **pledge of equity**: if the lender's [pledge of shares agreement](https://www.offermarket.us/real-estate-glossary/pledge-of-shares) is signed by the borrower, the lender may be willing to remove a bad boy carve out.
- **LTV capitalization**: if the loan to value is conservative (i.e. 65% instead of 80%), then the lender may be willing to remove the bad boy provision from the loan agreement because the property is worth considerably more than the loan, and liquidation through foreclosure or pledge of shares should adequately allow the lender to recoup their loan principal and any fees.

Bad Boy Carve Outs protect lenders in non-recourse DSCR loans if the borrower engages in illegal or fraudulent activities during the loan process.

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Bad Boy Carve Outs | OfferMarket Real Estate Glossary

Bad Boy Carve Outs

Grow your real estate investing business with the most competitive DSCR loan product. OfferMarket provides DSCR rental loans, bridge loans, hard money, fix and flip, slow flip, and ground up construction loans.

Private Lending | OfferMarket

Private Lending

Landlording On Autopilot

The Book On Rental Property Investing

Buy, Rehab, Rent, Refinance, Repeat

The BRRR rental property investment strategy made simple.

Rich dad poor dad

The book highlights philosophical differences of people that work for employers versus employers themselves

**Last updated:** April 16, 2024

 

Looking for the best real estate investing books? These are our go-to recommendations if you want to learn about real estate investing and sharpen your skills.

 

## Landlording On Autopilot

 

![landlording-on-autopilot-by-mike-butler-book-cover_orig.jpg](https://cms.offermarket.us/uploads/landlording_on_autopilot_by_mike_butler_book_cover_orig_78ab6b4ec8.jpg)

 

A simple, no-brainer system for higher profits, less work, and more fun.

 

### Author: Mike Butler

 

### Summary: 

 

Learn how Mike Butler (VISTA Properties, Wealth Building 24-7) managed 75 rental properties in [Louisville, Kentucky](https://www.offermarket.us/markets/louisville-ky-real-estate) with a full time job before hiring his first employee. In this book, Mike Butler shares his system for rental property management. Spoiler alert, Mike's system is incredibly simple, thoughtful and can be implemented using your smartphone. It's no surprise Mike's portfolio is now over 500 properties. Mike leveraged some of the know-how he acquired as an undercover police detective to create his simple yet robust property management system, that allowed him to keep his full time job. He shares secrets of maximizing rental income from good properties and turning around properties that aren't as performant. He dives deep into his methodologies, going as far as revealing all the exact tools and technologies he employs to run his real estate empire. The system is agnostic to locality where it's used, so it can be implemented in rural or urban settings with the same results. 

 

### Topics:

 

- Rental property investment strategy
- Landlord best practices
- Rental property management
- Tenant screening
- Section Eight

 

**[Buy On Amazon](https://www.amazon.com/gp/product/B07FJX6W1T/ref=as_li_tl?ie=UTF8&tag=rentstack-20&camp=1789&creative=9325&linkCode=as2&creativeASIN=B07FJX6W1T&linkId=17300d84a75235cd7258648675c6a8dc)**

 

## The Book On Rental Property Investing

 

![the-book-on-rental-property-investing-by-brandon-turner_orig.jpg](https://cms.offermarket.us/uploads/the_book_on_rental_property_investing_by_brandon_turner_orig_c0ab82e75a.jpg)

 

How to build wealth and create passive income through smart buy and hold real estate investing strategies. The book also touches on a few topics in personal finance as it related to real estate investing. 

 

### Author: Brandon Turner

 

### Summary: 

 

Brandon Turner, a millionaire real estate investor, created a true crash course in rental property investing. If you are looking for a place to start, this book is for you. Learn about building your team, valuing properties, rehabbing, [BRRR](https://offermarket.us/real-estate-glossary/brrr-buy-rehab-rent-refinance) and so much more. The book offers many practical lessons, and talks about why some real estate investors fail, what common mistakes everyone should avoid and how to ensure a sustainable business. Four unique strategies are shown which made Brandon a successful investor and that can be easily replicated even by someone who is just starting out. The book goes on to offer insight on how to source deals and discern which ones are worth your time. Brandon focuses on being a real estate investor and not a real estate manager, he talks at length about pitfalls of managing real estate and how you can avoid doing labor intensive tasks that suck up your time and instead focus on finding premium deals. Finally, to wrap things up, he presents ideas and methods of getting financing for your deals, in any market condition as well as ways to minimize your tax consequences.

 

### Topics:

 

- Rental property investing
- Investing in real estate
- [BRRR](https://offermarket.us/real-estate-glossary/brrr-buy-rehab-rent-refinance) (buy, [rehab](https://offermarket.us/real-estate-glossary/rehab), rent, refinance)
- ARV (after repair value)
- Financing
- Rehabbing and renovations
- Landlord best practices

 

**[Buy On Amazon](https://www.amazon.com/gp/product/099071179X/ref=as_li_tl?ie=UTF8&tag=rentstack-20&camp=1789&creative=9325&linkCode=as2&creativeASIN=099071179X&linkId=2605628342d3034818b7287049adaf25)**

 

## Buy, [Rehab](https://offermarket.us/real-estate-glossary/rehab), Rent, Refinance, Repeat

 

## The [BRRR](https://offermarket.us/real-estate-glossary/brrr-buy-rehab-rent-refinance) rental property investment strategy made simple.

 

![buy-rehab-rent-refinance-repeat-by-david-green_orig.jpg](https://cms.offermarket.us/uploads/buy_rehab_rent_refinance_repeat_by_david_green_orig_56f4a2967b.jpg)

 

### Author: David Greene

 

### Summary: 

 

Learn how to build your rental property portfolio by buying undervalued fixer-uppers in cash, cost effectively renovating, renting and refinancing. With the [BRRR](https://offermarket.us/real-estate-glossary/brrr-buy-rehab-rent-refinance) method, you can pull out all of your invested capital and then some if you "keep the water in the bucket" through the [BRRR](https://offermarket.us/real-estate-glossary/brrr-buy-rehab-rent-refinance) process. The book also highlights the importance of [free cash flow](https://www.offermarket.us/real-estate-glossary/free-cash-flow) to protect your downside. The book provides a concrete plan for getting started, even with small capital investment. Systems for spotting ideal deals that should be acquired. Methods of negotiating with sellers to lock in ideal prices. Ways on how to recover most of the invested capital quickly in order to reinvest it in the next deal. Ways to increase property value and curb appeal to have better rental outcomes. David highlights importance of demographic research in his approach and how it helps him identify up and coming areas where rental markets might be heating up before competing investors swoop in and scoop all the deals. Finally, how to recruit talent to help you run your growing real estate portfolio and grown your wealth. 

 

### Topics:

 

- Rental property investing
- [BRRR](https://offermarket.us/real-estate-glossary/brrr-buy-rehab-rent-refinance) (buy, rehab, rent, refinance)
- ARV (after repair value)
- Property management outsourcing
- [Hard Money Lenders](https://www.offermarket.us/real-estate-glossary/hard-money) and [Private Lenders](https://www.offermarket.us/real-estate-glossary/private-lender)
- [Cash On Cash Return](https://www.offermarket.us/real-estate-glossary/cash-on-cash-return)

 

**[Buy On Amazon](https://www.amazon.com/gp/product/1947200089/ref=as_li_tl?ie=UTF8&tag=rentstack-20&camp=1789&creative=9325&linkCode=as2&creativeASIN=1947200089&linkId=01967565381716d96fed3978a222c5a4)**

## Rich dad poor dad

 

## The book highlights philosophical differences of people that work for employers versus employers themselves

 

![richdad_6ba8f1accf.png](https://cms.offermarket.us/uploads/richdad_6ba8f1accf.png)

 

### Author: Robert T. Kiyosaki

 

### Summary: 

 

Robert, an experienced investor, presents several anecdotes from his childhood to show the differences in mindset between his biological dad who always worked for someone and the dad of his best friends, who was an employer for other people. His 'rich' dad taught him the value of time, money and assets, setting Robert on a life long path to accumulate appreciating assets, such as rental investment properties. The book explains how Robert accumulated assets using his day job and invested in rentals to generate passive income and grow his own rental portfolio while adhering to the philosophy of living below his means so he can maximize his investment cashflow. One anecdote from the book, is that Robert waited extra few years so his business could purchase his first Porsche in a tax protected way instead of him buying it outright. One great take away from the book that everyone should remember, is that employer will never give you a raise you truly deserve, only you can give yourself that raise. That philosophy made him work just hard enough for someone else not get fired, instead of breaking his back to get a few percent raise every year. He used his extra time to build his own rental empire.

 

### Topics:

 

- Rental property investing
- [Tax lien certificates](https://www.offermarket.us/real-estate-glossary/tax-lien-certificates) 
- Mindset of employees vs employers
- How to be a rental property investor
- How to kick start your real estate business
- Long term mindset

 

**[Buy On Amazon](https://www.amazon.com/Rich-Dad-Poor-Teach-Middle/dp/1612680178/ref=as_li_tl?ie=UTF8&tag=rentstack-20&camp=1789&creative=9325&linkCode=as2&creativeASIN=1947200089&linkId=01967565381716d96fed3978a222c5a4)**

The best real estate books for rental property investing, property management, fix and flip, financial independence and other real estate topics.

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